


%\begin{table}[hbt]
%\begin{threeparttable}[b]
%\caption{Asset Pricing: Portfolios Sorted on both Elasticities: $\zeta_h$ and $\eta_h$}
%\label{table:elasticty-all-1}
%\begin{small}
% \setlength{\tabcolsep}{0.5\tabcolsep}
%{\textwidth}

 % \begin{tabular*}{1\textwidth}{@{}l@{\extracolsep{\fill}} YYYYYY @{}} 
\begin{tabular*}{0.85\textwidth}{@{}l YYYYYY @{ }} 


\cmidrule[1.pt](l{-1em} r{-1em}){1-7} 
\addlinespace

% \cmidrule[1pt](l{0.5em} r{0.5em}){2-7} 
%  & \multicolumn{6}{c}{Panel A: Summary Statistics across Elasticity Groups, $\zeta$} \\
% \cmidrule[0.5pt](l{0.5em} r{0.5em}){2-7} 



%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%


% \multicolumn{1}{c}{} & 
% \multicolumn{6}{c}{Panel A. State Governments} \\

% \cmidrule[0.5pt](l{0.5em} r{0.5em}){2-7}


% Set up the first
& 
   \multicolumn{1}{c}{Average} & 
   \multicolumn{1}{c}{$\sigma$ (cross-section)} & 
   \multicolumn{1}{c}{Min} & 
   \multicolumn{1}{c}{25th pct.} & 
   \multicolumn{1}{c}{75th pct.} & 
   \multicolumn{1}{c}{Max} \\

\cmidrule[0.5pt](l{0.5em} r{0.5em}){2-2}
\cmidrule[0.5pt](l{0.5em} r{0.5em}){3-3}
\cmidrule[0.5pt](l{0.5em} r{0.5em}){4-4}
\cmidrule[0.5pt](l{0.5em} r{0.5em}){5-5}
\cmidrule[0.5pt](l{0.5em} r{0.5em}){6-6}
\cmidrule[0.5pt](l{0.5em} r{0.5em}){7-7}


%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%


\multicolumn{1}{l}{} & 
\multicolumn{6}{c}{State and Local Governments} \\

\cmidrule[0.5pt](l{0.5em} r{0.5em}){2-7}

\multicolumn{2}{l}{State and Local Governments Finances} & 
\multicolumn{5}{c}{} \\


\multicolumn{1}{l}{\quad Total Revenues (billions)} & 
78.1 &
104.0 &
8.2 &
21.4 &
91.6 &
615.8 
\\


\multicolumn{1}{l}{\quad Sales Tax (share of total revenue \%)} & 
14.7 &
5.03 &
3.62 &
12.4 &
16.7 &
27.4 
\\

% \addlinespace

\multicolumn{2}{l}{State and Local Gov. Employment} & 
\multicolumn{5}{c}{} \\

\multicolumn{1}{l}{\quad $\Delta\text{Muni Laid Off}$ (April)} & 
8.69 &
4.69 &
0.227 &
5.5 &
10.9 &
20.2 
\\

\multicolumn{1}{l}{\quad $\Delta\text{Muni Laid Off}$ (May)} & 
6.45 &
4.24 &
-0.023 &
3.97 &
8.24 &
23.8 
\\

\multicolumn{1}{l}{\quad $\Delta\text{Muni Laid Off}$ (June)} & 
5.57 &
3.44 &
-1.43 &
3.56 &
6.47 &
15.8 
\\

\multicolumn{1}{l}{\quad $\Delta\text{Muni Laid Off: Healthcare}$ (April)} & 
5.92 &
13.6 &
0 &
0 &
5.97 &
63.3 
\\


\multicolumn{1}{l}{\quad $\Delta\text{Muni Part Time}$ (April)} & 
13.8 &
9.15 &
-10.4 &
9.73 &
19.7 &
34.4 
\\

\multicolumn{1}{l}{\quad $\Delta\text{Muni U/R}$ (April)} & 
8.55 &
5.11 &
-4.29 &
5.79 &
12.5 &
18.4 
\\

% \addlinespace

\multicolumn{2}{l}{CARES Act} & 
\multicolumn{5}{c}{} \\

\multicolumn{1}{l}{\quad CRF funds (share of revenue \%)} & 
5.29 &
3.18 &
1.99 &
3.36 &
5.88 &
15.2 
\\


%% --------------------------------------------------------------------------------
\cmidrule[0.5pt](l{0.5em} r{0.5em}){2-7}

\multicolumn{1}{l}{} & 
\multicolumn{6}{c}{State Governments} \\

\cmidrule[0.5pt](l{0.5em} r{0.5em}){2-7}
%% --------------------------------------------------------------------------------


\multicolumn{2}{l}{State Government Finances} & 
\multicolumn{4}{c}{} \\

% \multicolumn{1}{l}{\quad Total Tax Revenues (billions)} & 
%  &
%  &
%  &
%  &
%  &
%  
% \\

\multicolumn{1}{l}{\quad Total Revenues (billions)} & 
50.6 &
63.8 &
6.0 &
16.0 &
60.0 &
392.9 
\\


\multicolumn{1}{l}{\quad Sales Tax (share of total revenue \%)} & 
% \multicolumn{5}{c}{} \\
% \multicolumn{1}{l}{\quad $\sigma(\Delta\text{tax})$} & 

17.7 &
6.5 &
2.49 &
14.2 &
20.3 &
31.9 
\\


\multicolumn{1}{l}{\quad Rainy Day Funds (share of expenditure \%)} & 

10.1 &
14.4 &
0 &
4.58 &
10.9 &
96.6 
\\

% \addlinespace

\multicolumn{2}{l}{State Gov. Employment} & 
\multicolumn{5}{c}{} \\

\multicolumn{1}{l}{\quad $\Delta\text{State Laid Off}$ (April)} & 
7.15 &
5.4 &
0 &
3.86 &
8.66 &
24.7 
\\


\multicolumn{1}{l}{\quad $\Delta\text{State Laid Off}$ (May)} & 
4.96 &
5.78 &
-0.309 &
1.28 &
7.13 &
32.3 
\\

\multicolumn{1}{l}{\quad $\Delta\text{State Laid Off}$ (June)} & 
3.61 &
4.07 &
-3.44 &
0 &
5.56 &
19.2 
\\

\multicolumn{1}{l}{\quad $\Delta\text{State Laid Off: Healthcare}$ (April)} & 
4.37 &
10.6 &
0 &
0 &
0 &
50.5 
\\


% \addlinespace

\multicolumn{2}{l}{CARES Act} & 
\multicolumn{5}{c}{} \\

\multicolumn{1}{l}{\quad CRF funds (fraction of revenue \%)} & 
7.59 &
4.23 &
3.52 &
4.91 &
7.84 &
20.9 
\\


%% --------------------------------------------------------------------------------
\cmidrule[0.5pt](l{0.5em} r{0.5em}){2-7}

\multicolumn{1}{l}{} & 
\multicolumn{6}{c}{Federal Government} \\

\cmidrule[0.5pt](l{0.5em} r{0.5em}){2-7}
%% --------------------------------------------------------------------------------

\multicolumn{2}{l}{Federal Gov. Employment} & 
\multicolumn{5}{c}{} \\

\multicolumn{1}{l}{\quad $\Delta\text{Federal Laid Off}$} & 
3.78 &
5.42 &
-3.05 &
0 &
5.87 &
21.8 
\\


           
\cmidrule[1.pt](l{-1em} r{-1em}){1-7} 


\end{tabular*}
